Chang Jiang Shang Bao·2025-12-08 00:01Core Viewpoint - The National Medical Products Administration (NMPA) has listed two batches of Coenzyme Q10 injection produced by Fosun Pharma's subsidiary, Wanbang Biopharma, as non-compliant, raising concerns about product quality and regulatory compliance [1][4]. Group 1: Regulatory Issues - The NMPA announced that two batches of Coenzyme Q10 injection from Wanbang Biopharma did not meet regulatory standards, with issues related to appearance, insoluble particles, and visible foreign matter [1][4]. - The NMPA has mandated that companies involved take risk control measures, including halting sales and conducting investigations into the non-compliance [5]. Group 2: Company Performance - For the first three quarters of 2025, Fosun Pharma reported a revenue of CNY 29.393 billion, a decrease of 4.91% year-on-year, while the net profit attributable to shareholders increased by 25.50% to CNY 2.523 billion [2][10]. - Wanbang Biopharma, a core subsidiary of Fosun Pharma, generated revenues of CNY 7.992 billion and CNY 3.736 billion in 2024 and the first half of 2025, respectively, accounting for approximately 19% of Fosun Pharma's total revenue [8][9]. - Fosun Pharma's revenue has been declining, with 2023 and 2024 revenues reported at CNY 41.4 billion and CNY 41.067 billion, reflecting year-on-year decreases of 5.81% and 0.80% [9][10]. Group 3: Management and Strategy - The 2025 stock option incentive plan for Fosun Pharma's executives does not include overall revenue or non-recurring net profit as performance assessment metrics, focusing instead on net profit and innovative drug revenue targets [10][11]. - As of the end of Q3 2025, Fosun Pharma had cash and cash equivalents of CNY 11.478 billion, indicating potential liquidity challenges with short-term borrowings of CNY 16.447 billion and long-term borrowings of CNY 9.431 billion [11].